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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/USD: next sell target - 1.4700

Dima Chernovolov

  • GBP/USD reversed from resistance level 1.5000
  • Next sell target - 1.4700

GBP/USD has been falling sharply from the start of March – in line with our previous forecast for this currency pair. The pair earlier broke down below the support levels 1.5160 and 1.5100 – both of which were set as the sell targets in our previous report for this instrument. The breakout of these support levels accelerated the recent downward impulse (1) – helping GBP/USD break the next strong support level 1.5000. The pair has since made multiple unsuccessful attempts to break above 1.5000 (acting as resistance now, after it was broken).

The latest downward reversal from the resistance level 1.5000 completed the A-wave of the active intermediate ABC correction (2). GBP/USD is likely to fall further in the B-wave of this correction toward the next sell target at 1.4700.

GBP
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